The Brazil Business and Politics Round-up June 4th 2018

Politics

  • Government to aim at exporters to lower cost of diesel In order to lower the cost of diesel – an initiative that will cost the federal government US$ 2.6 billion – the Temer administration has announced that it will raise taxes on exporters and certain sectors of the industry: namely soft drinks and chemical.
  • Supreme Court unanimously convicts first congressman in Operation Lava Jato Justices belonging to the second panel of Brazil’s Supreme Court sentenced Nelson Meurer (PP-Paraná) to more than 13 years in prison for corruption and money laundering following Operation Car Wash and its investigations.
  • Courts maintain Lula’s benefits as former President Judge André Nabarrete Neto, of the Federal Regional Court of the 3rd region, overturned the injunction which suspended the right of the former President to security guards and drivers paid by the Federal Government.

Business

  • Pedro Parente resigns as president of Petrobras Parente has been under mounting criticism for his insistence on maintaining a pricing policy for fuel that was implemented under his management, which has led to successive increases and culminated in the truckers’ strike.
  • Unemployment rate reaches 12.9% affecting 13.4 million people Non-working population – people aged 14 or older who sought employment without success – grew 5.7% compared to the previous quarter (12.7 million).

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